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BMW CEO to quit after carmaker loses early lead in electrics
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Frankfurt, July 5 -- BMW CEO Harald Krueger is stepping down after a four-year tenure in which the automaker lost its lead in luxury car sales and saw an early head start in electric vehicles evaporate.
The Germany company said Friday that Krueger, 53, would not seek an extension of his contract, which expires at the end of April 2020. The board of directors will meet to discuss the issue of a successor on July 18 and Krueger will remain in his job until a decision is made.
Munich-based BMW is facing pressures that are affecting the car industry across the board, including high costs to develop electric vehicles to meet tighter emissions regulations in Europe and China, and investments in autonomous vehicles to compete with tech compani...
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